ABOUT US

Larkspur Properties is a value-oriented investment firm focused on distressed residential and commercial projects. Primarily operating in Florida markets, Larkspur identifies undervalued real estate by employing a micro-focused, ground up investment approach.

Larkspur’s critical focus is on providing downside protection to its investors by underwriting properties based on in-place cash flow and conservative operating assumptions. Larkspur creates investor value by employing strategies overlooked or not performed by prior ownership. These strategies include improving management, re-positioning vacancy issues and instituting aggressive marketing programs.

LARKSPUR AT A GLANCE


Founded: June 2009 by David Bernstein


Investment Focus: Initially targeted distressed residential projects including bulk sales of foreclosed condominiums and vacant apartment projects.

More recently, the fund has shifted focus to other real estate asset classes at cyclical lows such as retail and office properties.

Current Portfolio: 11 active investments across residential and commercial projects in Alabama, Florida, and Virginia.

Exited Investments: Multiple individual condominium sales throughout portfolio.

Investment Funds: Larkspur affiliated funds comprise over 70 million dollars in owned real estate assets.

VALUE INVESTMENT THESIS

We are value investors, thriving on our ability to appropriately assess risk and reward in complex, special situations.

Acquisition

  • Below replacement cost
  • Existing cash flow
  • Stable market

Management

  • Conservative leverage
  • In-house team supports operating excellence
  • Right size cost structure

Exit

  • Selling into market strength
  • Capitalize on improving market conditions
  • Don’t be the “Last Man Standing”

DISTRESSED TRANSACTION EXPERIENCE

SPECIAL SITUATIONS EXPERIENCE

We have experience negotiating and structuring complex real estate transactions:

  • Restructuring of $6mm mortgage with CNL Bank backed by 183 condominiums in Jacksonville, Fl.
  • Simultaneous sale and “deed-in-lieu” transaction with developer and Regions Bank on a 20 unit boutique condominium building in Jacksonville, Fl.
  • Recapitalization of distressed condominium association as part of foreclosure sale of condominiums and land from Bank United.
  • Acquired approximately $30mm of real estate from CMBS special servicers.